If a team gives a departing free agent a “qualifying offer,” the team that ultimately signs the free agent loses a first or second round pick. The draft pick component of it all can depress the value of a free agent on the market who rejects said offer. Just ask Kyle Lohse how that worked out for him last year. Of course the free agent can simply take the qualifying offer. It’s a gamble all around, then. The team extending it is betting that the player is worth the amount of the qualifying offer, the player bets that he can do better and the team signing him bets a first or second round draft pick on the guy.

The qualifying offer is arrived at by taking an average of the top 125 salaries in baseball. Last year it was $13.3 million. Joel Sherman reports today that it has gone up, as expected. Up a little higher than some guessed, however: it’s now $14.1 million.

So, this winter, when you hear about so-and-so accepting or rejecting the qualifying offer, the amount in play is that $14.1 million.

Paxton, 30, has been among the game’s better starters over the past few years. In 2018, he went 11-6 with a 3.76 ERA and a 208/42 K/BB ratio in 160 1/3 innings. The lefty has two more years of arbitration eligibility remaining after earning $4.9 million this past season.

Sheffield, 22, is the headliner in the Mariners’ return. He made his major league debut in September for the Yankees, pitching 2 2/3 innings across three appearances. Two of those appearances were scoreless; in the third, he gave up a three-run home run to J.D. Martinez, certainly not an uncommon result among pitchers. MLB Pipeline rates Sheffield as the Yankees’ No. 1 prospect and No. 31 overall in baseball.

Thompson-Williams, 23, was selected by the Yankees in the fifth round of the 2016 draft. This past season, between Single-A Charleston and High-A Tampa, he hit .299/.363/.546 with 22 home runs, 74 RBI, 63 runs scored, and 20 stolen bases in 415 plate appearances. He was not among the Yankees’ top-30 prospects, per MLB Pipeline.

Swanson, 25, was selected by the Yankees in the eighth round of the 2014 draft. He spent most of his 2018 campaign between Double-A Trenton and Triple-A Scranton/Wilkes-Barre. Overall, he posted a 2.66 ERA with a 139/29 K/BB ratio in 121 2/3 innings. MLB Pipeline rated him No. 22 in the Yankees’ system.

This trade comes as no surprise as the Yankees clearly wanted to upgrade the starting rotation and the Mariners seemed motivated to trade Paxton this offseason. To the Mariners’ credit, they got a solid return for Paxton, as Sheffield likely becomes the organization’s No. 1 prospect. The only worries about this trade for the Yankees is how Paxton will fare in the more hitter-friendly confines of Yankee Stadium compared to the spacious Safeco Field, and Paxton’s durability. Paxton has made more than 20 starts in a season just twice in his career — the last two years (24 and 28). The Yankees are likely not done adding, however. Expect even more new faces before the start of spring training.